MIRA INFORM REPORT

 

 

Report Date :

17.11.2011

 

IDENTIFICATION DETAILS

 

Name :

AL KHAIR TRADING OFFICE CO LTD

 

 

Registered Office :

Industrial Area, Phase No. 4 PO Box 1466 Jeddah 21431

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

1981

 

 

Com. Reg. No.:

4030130328, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject operates several divisions (see below for details).

·         General Trading Division

·         Building Materials Division

·         Real Estate Division

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 200,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : AL KHAIR TRADING OFFICE CO LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Start Date                                             : 1981

Registration Date                                   : 22nd May 2000

Commercial Registration Number            : 4030130328, Jeddah

Chamber Membership Number                : 227

Issued Capital                                        : SR 1,500,000

Paid up Capital                                      : SR 1,500,000

Total Workforce                                     : 76

Activities                                               : Subject operates several divisions (see below for details).

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Hamid Mostafa, Financial Manager

 

COMPANY NAME

 

AL KHAIR TRADING OFFICE CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Industrial Area, Phase No. 4

 

PO Box             : 1466

 

Town                 : Jeddah 21431

Country             : Saudi Arabia

 

Telephone         : (966-2) 6353399

Facsimile          : (966-2) 6354101

Email                : al_basha@yahoo.com / alkhair2002@hotmail.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Industrial Area of Jeddah.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Aswaq Al Tameer Area                                                                      Sales Office

Riyadh

Tel: (966-1) 4383415

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Abdul Qader Ba Shanfer                                                     Managing Partner

 

·       Ali Abdul Qader Ba Shanfer                                                                Partner

 

·       Saaed Abdul Qader Ba Shanfer                                                          Partner

 

·       Ahmed Ali Bashanfer                                                             Assistant General Manager

 

·       Mohamed Al Bana                                                                             Commercial Manager

 

·       Hamid Mostafa                                                                                  Financial Manager

 

·       Bakri Mohamed                                                                                 Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1981, however subject was registered on 18/02/1421 Hijri (corresponding to 22nd May 2000)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030130328, Jeddah

 

Chamber Member No. : 227

 

Issued Capital              : SR 1,500,000

 

Paid up Capital            : SR 1,500,000

 

Name of Partner (s)                                                       

 

·       Mohamed Abdul Qader Ba Shanfer

 

·       Ali Abdul Qader Ba Shanfer

 

·       Saaed Abdul Qader Ba Shanfer

 

 

AFFILIATED COMPANIES

 

·       Techno Coat Factory

Jeddah

 

·       Al Khair Coffee Factory

Jeddah

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·         General Trading Division

 

Distributors of general foodstuff products, specialising in dairy products and vegetables.

 

 

·         Building Materials Division

 

Distributors of general building materials, ironmongery, paint and timber.

 

·         Real Estate Division

 

Engaged in real estate services and property development.

 

Import Countries: United States of America, India and South-East Asia.

 

Operating Trend: Steady

 

Subject has a workforce of 76 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)      

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                SR 19,770,000                           SR 20,410,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-2) 6446644

     Fax: (966-2) 6446644

 

·       Arab National Bank

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-2) 6600272

     Fax: (966-2) 6650202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1981, subject is owned and managed by members of the Ba Shanfer family who are well respected in the local business community.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.90

UK Pound

1

Rs.80.30

Euro

1

Rs.68.47

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.